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Side-by-side financial comparison of Aterian, Inc. (ATER) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
KKR Real Estate Finance Trust Inc. is the larger business by last-quarter revenue ($25.8M vs $15.1M, roughly 1.7× Aterian, Inc.). Aterian, Inc. runs the higher net margin — -52.5% vs -101.7%, a 49.2% gap on every dollar of revenue. On growth, KKR Real Estate Finance Trust Inc. posted the faster year-over-year revenue change (-26.6% vs -38.5%). Over the past eight quarters, Aterian, Inc.'s revenue compounded faster (-13.5% CAGR vs -18.8%).
Aterian, Inc. is a technology-enabled consumer products company that leverages artificial intelligence and data analytics to identify market demand, develop, source and distribute a wide portfolio of affordable goods spanning home improvement, wellness, personal care, pet supplies and outdoor recreation. It primarily sells its products through leading global e-commerce platforms, with core markets covering North America and Europe.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
ATER vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.1M | $25.8M |
| Net Profit | $-7.9M | $-26.2M |
| Gross Margin | 56.1% | — |
| Operating Margin | -51.1% | -105.1% |
| Net Margin | -52.5% | -101.7% |
| Revenue YoY | -38.5% | -26.6% |
| Net Profit YoY | -512.2% | -229.6% |
| EPS (diluted) | — | $-0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $15.1M | $25.8M | ||
| Q3 25 | $19.0M | $25.3M | ||
| Q2 25 | $19.5M | $30.2M | ||
| Q1 25 | $15.4M | $31.3M | ||
| Q4 24 | $24.6M | $35.1M | ||
| Q3 24 | $26.2M | $37.0M | ||
| Q2 24 | $28.0M | $40.4M | ||
| Q1 24 | $20.2M | $39.1M |
| Q4 25 | $-7.9M | $-26.2M | ||
| Q3 25 | $-2.3M | $13.8M | ||
| Q2 25 | $-4.9M | $-29.7M | ||
| Q1 25 | $-3.9M | $-4.9M | ||
| Q4 24 | $-1.3M | $20.3M | ||
| Q3 24 | $-1.8M | $-7.4M | ||
| Q2 24 | $-3.6M | $25.8M | ||
| Q1 24 | $-5.2M | $-3.1M |
| Q4 25 | 56.1% | — | ||
| Q3 25 | 56.1% | — | ||
| Q2 25 | 54.3% | — | ||
| Q1 25 | 61.4% | — | ||
| Q4 24 | 63.4% | — | ||
| Q3 24 | 60.3% | — | ||
| Q2 24 | 60.4% | — | ||
| Q1 24 | 65.1% | — |
| Q4 25 | -51.1% | -105.1% | ||
| Q3 25 | -10.7% | 50.4% | ||
| Q2 25 | -23.1% | -101.3% | ||
| Q1 25 | -24.1% | -18.3% | ||
| Q4 24 | -6.5% | 55.8% | ||
| Q3 24 | -6.6% | -19.6% | ||
| Q2 24 | -11.5% | 63.3% | ||
| Q1 24 | -26.1% | -8.7% |
| Q4 25 | -52.5% | -101.7% | ||
| Q3 25 | -12.0% | 54.4% | ||
| Q2 25 | -25.0% | -98.5% | ||
| Q1 25 | -25.4% | -15.5% | ||
| Q4 24 | -5.3% | 57.7% | ||
| Q3 24 | -6.8% | -20.0% | ||
| Q2 24 | -13.0% | 63.9% | ||
| Q1 24 | -25.5% | -7.9% |
| Q4 25 | — | $-0.49 | ||
| Q3 25 | — | $0.12 | ||
| Q2 25 | — | $-0.53 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $0.22 | ||
| Q3 24 | — | $-0.19 | ||
| Q2 24 | — | $0.29 | ||
| Q1 24 | — | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.9M | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.2M | $1.2B |
| Total Assets | $29.6M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $84.6M | ||
| Q3 25 | $7.6M | $204.1M | ||
| Q2 25 | $10.5M | $107.7M | ||
| Q1 25 | $14.3M | $106.4M | ||
| Q4 24 | $18.0M | $104.9M | ||
| Q3 24 | $16.1M | $108.8M | ||
| Q2 24 | $20.3M | $107.2M | ||
| Q1 24 | $17.5M | $106.5M |
| Q4 25 | $15.2M | $1.2B | ||
| Q3 25 | $22.6M | $1.2B | ||
| Q2 25 | $24.3M | $1.2B | ||
| Q1 25 | $27.0M | $1.3B | ||
| Q4 24 | $30.0M | $1.3B | ||
| Q3 24 | $30.6M | $1.4B | ||
| Q2 24 | $30.9M | $1.4B | ||
| Q1 24 | $33.0M | $1.4B |
| Q4 25 | $29.6M | $6.5B | ||
| Q3 25 | $40.1M | $6.5B | ||
| Q2 25 | $45.4M | $6.8B | ||
| Q1 25 | $49.8M | $6.6B | ||
| Q4 24 | $49.5M | $6.4B | ||
| Q3 24 | $52.1M | $6.8B | ||
| Q2 24 | $59.9M | $7.1B | ||
| Q1 24 | $55.7M | $7.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-1.0M | $72.3M |
| Free Cash FlowOCF − Capex | $-1.0M | — |
| FCF MarginFCF / Revenue | -6.9% | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | $72.3M | ||
| Q3 25 | $-1.6M | $18.5M | ||
| Q2 25 | $-4.4M | $21.1M | ||
| Q1 25 | $-3.9M | $15.9M | ||
| Q4 24 | $-9.0K | $132.6M | ||
| Q3 24 | $-722.0K | $49.1M | ||
| Q2 24 | $2.9M | $30.6M | ||
| Q1 24 | $-6.0K | $34.5M |
| Q4 25 | $-1.0M | — | ||
| Q3 25 | $-1.6M | — | ||
| Q2 25 | $-4.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $2.9M | — | ||
| Q1 24 | $-42.0K | — |
| Q4 25 | -6.9% | — | ||
| Q3 25 | -8.4% | — | ||
| Q2 25 | -22.7% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 10.3% | — | ||
| Q1 24 | -0.2% | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATER
| Sales Channel Directly To Consumer | $13.1M | 87% |
| Heating Cooling And Air Quality | $2.1M | 14% |
KREF
Segment breakdown not available.
